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Alcorn Service Company was formed on January 1, Year 1. ...

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Accounting

Alcorn Service Company was formed on January 1, Year 1.
Events Affecting the Year 1 Accounting Period
Acquired $66,000 cash from the issue of common stock.
Purchased $2,400 of supplies on account.
Purchased land that cost $30,000 cash.
Paid $2,400 cash to settle accounts payable created in Event 2.
Recognized revenue on account of $54,000.
Paid $27,000 cash for other operating expenses.
Collected $44,000 cash from accounts receivable.
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